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Bank of England anticipated to maintain UK interest rates as Jumbo FED rate cut is announced – live updates in the business world


The pound has been climbing against the US dollar, reaching a two and a half year high of $1.3297 before dropping back slightly. The FTSE 100 index in London jumped by 0.85%, with Next shares surging to a new all-time high after raising profit forecasts. Mining stocks and online supermarket Ocado also saw gains.

UK retailer Next raised profit forecasts to £995m for the year, with strong overseas sales offsetting slower growth in the UK due to poor weather. The Bank of England is expected to take a cautious approach to monetary policy, likely leaving interest rates unchanged.

After the Federal Reserve’s half-point interest rate cut, markets in Asia-Pacific rallied, with Japan’s Nikkei gaining 2.1% and Hong Kong’s Hang Seng index rising by 1.9%. Some investors are hopeful that other central banks will follow suit.

US President Donald Trump questioned the Fed’s motivation for the rate cut, suggesting political influence. Fed Chair Jerome Powell defended the decision, citing confidence in the economy.

The Bank of England is expected to announce its interest rate decision later today, amid stagnant economic growth and inflation above target. Analysts predict a hold on rates, with a possible adjustment to its bond-buying program. Other central banks, such as Norway and South Africa, are also set to announce interest rate decisions.

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Photo credit www.theguardian.com

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